Hu Hanxiang Quits Sinotrans Shipping Ltd
The board of directors of Sinotrans Shipping Limited announced that due to retirement, Mr. Hu Hanxiang has tendered his resignations as independent non-executive director, chairman of the remuneration committee and committee member of the nomination committee of the Board of the Company with effect from 5 August 2014. Mr. Hu has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board of the Company further announces that Mr. Zhou Qifang, an independent non-executive director of the Company, was appointed as the chairman of the remuneration committee in replacement of Mr. Hu Hanxiang with effect from 5 August 2014.
Nanjing Tanker To Be Delisted, First By Central Gov't Backed Firm
Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange. The delisting comes after the government allowed China's first-ever public bond default in March and underscores the difficulties facing domestic companies saddled with record debt in a slowing economy. The delisting had been widely anticipated after the company said in January it was poised to post its fourth straight year of loss, breaching exchange rules. A statement carried on the Shanghai exchange's official microblog on Friday said Nanjing Tanker will be delisted after booking losses from 2010 to 2013.
